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8-K - FORM 8-K - Beneficial Mutual Bancorp Inc | c16229e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
DATE:
|
April 28, 2011 | |
CONTACT:
|
Thomas D. Cestare | |
Executive Vice President and Chief Financial Officer | ||
PHONE:
|
(215) 864-6009 |
BENEFICIAL MUTUAL BANCORP, INC. ANNOUNCES FIRST QUARTER 2011 RESULTS
PHILADELPHIA, PENNSYLVANIA, April 28, 2011 Beneficial Mutual Bancorp, Inc. (Beneficial)
(NASDAQGS: BNCL), the parent company of Beneficial Bank (the Bank or the Company), today
announced its financial results for the three months ended March 31, 2011.
For the three months ended March 31, 2011, Beneficial recorded a net loss of $898 thousand, or
$0.01 per share, compared to net loss of $356 thousand, or $0.00 per share, for the three months
ended December 31, 2010 and net income of $7.5 million, or $0.10 per share, for the three months
ended March 31, 2010.
During the quarter, the Bank completed a comprehensive review of its operating cost structure and
finalized an expense management reduction program which resulted in a $4.1 million restructuring
charge. The Bank reduced its workforce by 4% and announced that it was consolidating five of its
branch locations. Financial results for the quarter were also impacted by increased provisions for
loan losses due primarily to a large charge-off in our commercial construction portfolio. During
the quarter the Company recorded a provision for credit losses of $10.0 million compared to $8.0
million for the three months ended December 31, 2010 and $5.0 million for the three months ended
March 31, 2010. In 2011, a significant portion of our commercial real estate and commercial
construction portfolios contractually mature (approximately 33%). We expect that market conditions
coupled with the large amount of commercial maturities will result in an elevated provision for
credit losses in 2011. We continue to charge-off the collateral deficiency on all classified
collateral dependent loans across all portfolios once they are 90 days delinquent.
At March 31, 2011, the Companys allowance for loan losses totaled $47.4 million, or 1.7% of total
loans, compared to $45.4 million, or 1.6% of total loans, at December 31, 2010.
Gerard Cuddy, Beneficials President and CEO, stated, Although a difficult process, the expense
reduction program finalized during the first quarter will improve operating efficiency and better
position our Company when economic conditions improve. Credit costs continue to have a significant
impact on our business and we expect these costs to remain elevated throughout 2011. Despite a
difficult quarter, we increased net interest income, grew non-interest deposits and decreased
borrowings. We will continue to be focused on improving our core profitability as we manage through
the current credit environment.
Highlights for the three months ended March 31, 2011:
| Total deposits increased by $13.3 million, or 0.34%, to $3.96 billion at March 31,
2011, from $3.94 billion at December 31, 2010 with non-interest bearing deposits
increasing $29.8 million or 10.6% and interest bearing deposits decreasing $16.5
million, or 0.5%. |
| Net interest income increased $392 thousand, or 1.1%, to $36.7 million for the three
months ended March 31, 2011 compared to $36.3 million for the same period in 2010. |
| Net interest margin increased to 3.27% for the three months ended March 31, 2011
from 3.24% for the three months ended December 31, 2010 primarily due to a reduction in
deposit and borrowing costs. |
| Capital levels remain strong with total equity equal to 12.4% of total assets and
tangible capital to tangible assets of 10.1%. |
Balance Sheet
At March 31, 2011, total assets of $4.9 billion were consistent with total assets at December 31,
2010. Beneficial has been positioning the balance sheet for rising interest rates by shortening
the duration of different asset classes, which resulted in an increase within cash and cash
equivalents of $175.3 million and a decrease in investments of $166.5 million.
Total deposits increased $13.3 million, or 0.34%, to $3.96 billion at March 31, 2011, compared to
$3.94 billion at December 31, 2010, as non-interest checking increased $29.8 million while interest
bearing deposits decreased $16.5 million.
At March 31, 2011, Beneficials stockholders equity equaled $608.6 million, or 12.4% of total
assets, compared to $615.5 million, or 12.5% of total assets, at December 31, 2010.
Net Interest Income
For the three months ended March 31, 2011, Beneficial reported net interest income of $36.7
million, an increase of $392 thousand for the same quarter a year ago and down $382 thousand from
the three months ending December 31, 2010. The net interest margin decreased 7 basis points to
3.27% for the three months ended March 31, 2011, from 3.34% for the same quarter in 2010, but was
up 3 basis points from the net interest margin of 3.24% reported for the three months ending
December 31, 2010. We continue to see deposit increases in excess of our growth in loans which has
resulted in an increase in our investment portfolio. However, the low interest rate environment
has reduced the yields on our investment portfolio, decreasing the rate on our interest earning
assets. This decrease in yield on interest earning assets has been offset by reductions in rates
paid on our deposits and lower borrowings costs.
Non-interest Income
For the three months ended March 31, 2011, non interest income was $6.5 million, a decrease of $1.8
million for the same quarter a year ago and down $410 thousand from the quarter ending December 31,
2010. Non-interest income decreased $1.8 million from the same period in 2010, primarily due to a
$1.8 million decrease in the gain on the sale of securities. Non-interest income decreased from
the three months ended December 31, 2010, primarily due to a reduction in the cash surrender value
of life insurance in the amount of $919 thousand and a $113 thousand decrease in checking fees,
partially offset by an increase in insurance and advisory commission income of $596 thousand.
Non-interest Expense
Non-interest expense totaled $34.2 million for the three months ended March 31, 2011, which
increased $3.7 million, or 12.2%, compared to the same period in 2010. The increase was primarily
due to the $4.1 million restructuring charge recorded in connection with our expense reduction
initiatives, as well as increased FDIC insurance, and loan and REO expenses, which were partially
offset by reductions in salaries and benefits, marketing, and occupancy expenses.
Non-interest expense increased $1.1 million, or 3.4%, to $34.2 million for the three months ended
March 31, 2011 compared to $33.1 million for the three months ended December 31, 2010 primarily due
to the restructuring charge mentioned above, partially offset by real estate owned gains and lower
professional fees.
2
Asset Quality
Non-performing loans, including loans 90 days past due and still accruing, totaled $145.2 million,
or 2.96% of total assets, at March 31, 2011, up from $123.7 million, or 2.51% of total assets at
December 31, 2010. The increase in
non-performing loans was due primarily to commercial construction and commercial real estate loans.
During the quarter we charged off all collateral deficiencies related to these loans.
Non-performing assets at March 31, 2011 consisted of $25.1 million, or 15.5%, of government
guaranteed student loans where Beneficial has little risk of credit loss. Net charge-offs during
the three-month period ended March 31, 2011 were $8.0 million, compared to $7.6 million during the
three months ended December 31, 2010. The charge-offs during the quarter consisted primarily of
one commercial construction loan totaling $4.9 million and several consumer loans that were charged
off when they became 90 days delinquent. In 2011, a significant portion of our commercial real
estate and commercial construction portfolios contractually matures (approximately 33%). We expect
that market conditions, coupled with the large amount of commercial maturities, will result in an
elevated provision for credit losses in 2011. We continue to charge-off the collateral deficiency
on all classified collateral dependent loans across all portfolios once they are 90 days
delinquent. The allowance for loan losses at March 31, 2011 totaled $47.4 million, or 1.7% of total
loans outstanding, compared to $45.4 million, or 1.6% of total loans outstanding, at December 31,
2010.
The Bank recorded a provision for loan losses of $10.0 million during the three months ended March
31, 2011, compared to a provision of $8.0 million for the three months ended December 31, 2010.
The increase in the provision was primarily driven by increases in non-performing loans and
delinquencies experienced during the quarter due to continued weakness in our regions economy. We
continue to rigorously review our loan portfolio to ensure that the collateral values remain
sufficient to support the outstanding balances. We will continue to work diligently to maximize
the recovery of balances that have been charged off.
Capital
Our capital ratios remained relatively consistent compared to the prior quarter. The Companys
capital position remains strong relative to current regulatory requirements. The Company continues
to have substantial liquidity as the inflows of deposits have largely been retained in cash or
invested in high quality government-backed securities. In addition, the Company continues to have
significant available borrowing capacity from its contingent funding sources. Our capital ratios
as of March 31, 2011 compared to December 31, 2010 as well as our excess capital over regulatory
minimums to be considered well capitalized are as follows:
Minimum Well | Excess Capital | |||||||||||||||
3/31/2011 | 12/31/2010 | Capitalized Ratio | 3/31/2011 | |||||||||||||
Tangible Capital |
10.10 | % | 10.16 | % | ||||||||||||
Tier 1 Capital (to average assets) |
9.08 | % | 8.89 | % | 5 | % | $ | 192,772 | ||||||||
Tier 1 Capital (to risk weighted assets) |
15.91 | % | 15.69 | % | 6 | % | $ | 267,295 | ||||||||
Total Capital (to risk weighted assets) |
17.17 | % | 16.95 | % | 10 | % | $ | 193,402 |
About Beneficial Mutual Bancorp, Inc.
Beneficial is a community-based, diversified financial services company providing consumer and
commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and
businesses in the Delaware Valley area since 1853. The Bank is the oldest and largest bank
headquartered in Philadelphia, Pennsylvania, with 65 offices in the greater Philadelphia and South
Jersey regions. Insurance services are offered through the Beneficial Insurance Services, LLC and
wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned
subsidiaries of the Bank. For more information about the Bank and Beneficial, please visit
www.thebeneficial.com.
3
Forward Looking Statements
This news release may contain forward-looking statements, which can be identified by the use of
words such as believes, expects, anticipates, estimates or similar expressions. Such
forward-looking statements and all other statements that are not historic facts are subject to
risks and uncertainties which could cause actual results to differ materially from those currently
anticipated due to a number of factors. These factors include, but are not limited to, general
economic conditions, changes in the interest rate environment, legislative or regulatory changes
that may adversely affect our business, changes in accounting policies and practices, changes in
competition and demand for financial services, adverse changes in the securities markets, changes
in deposit flows and changes in the quality or composition of Beneficials loan or investment
portfolios. Additionally, other risks and uncertainties may be described in Beneficials Annual
Report on Form 10-K, its Quarterly Reports on Form 10-Q or its other reports as filed with the
Securities and Exchange Commission, which are available through the SECs website at www.sec.gov.
Should one or more of these risks materialize, actual results may vary from those anticipated,
estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Except as may be required by
applicable law or regulation, Beneficial assumes no obligation to update any forward-looking
statements.
4
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except share amounts)
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except share amounts)
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
ASSETS: |
||||||||||||
Cash and Cash Equivalents: |
||||||||||||
Cash and due from banks |
$ | 46,300 | $ | 33,778 | $ | 41,102 | ||||||
Interest-bearing deposits |
219,287 | 56,521 | 7,457 | |||||||||
Total cash and cash equivalents |
265,587 | 90,299 | 48,559 | |||||||||
Trading Securities |
| 6,316 | 3,526 | |||||||||
Investment Securities: |
||||||||||||
Available-for-sale |
1,385,388 | 1,541,991 | 1,453,697 | |||||||||
Held-to-maturity |
77,912 | 86,609 | 71,534 | |||||||||
Federal Home Loan Bank stock, at cost |
22,082 | 23,244 | 28,068 | |||||||||
Total investment securities |
1,485,382 | 1,651,844 | 1,553,299 | |||||||||
Loans: |
2,775,715 | 2,796,402 | 2,785,122 | |||||||||
Allowance for loan losses |
(47,411 | ) | (45,366 | ) | (46,390 | ) | ||||||
Net loans |
2,728,304 | 2,751,036 | 2,738,732 | |||||||||
Accrued Interest Receivable |
19,095 | 19,566 | 20,062 | |||||||||
Bank Premises and Equipment, net |
61,994 | 64,339 | 67,162 | |||||||||
Other Assets: |
||||||||||||
Goodwill |
110,486 | 110,486 | 110,486 | |||||||||
Bank owned life insurance |
34,169 | 33,818 | 32,740 | |||||||||
Other intangibles |
16,059 | 16,919 | 19,547 | |||||||||
Other assets |
180,876 | 185,162 | 115,865 | |||||||||
Total other assets |
341,590 | 346,385 | 278,638 | |||||||||
Total Assets |
$ | 4,901,952 | $ | 4,929,785 | $ | 4,709,978 | ||||||
LIABILITIES AND STOCKHOLDERS EQUITY: |
||||||||||||
Liabilities: |
||||||||||||
Deposits: |
||||||||||||
Non-interest bearing deposits |
$ | 311,890 | $ | 282,050 | $ | 268,379 | ||||||
Interest bearing deposits |
3,643,693 | 3,660,254 | 3,320,670 | |||||||||
Total deposits |
3,955,583 | 3,942,304 | 3,589,049 | |||||||||
Borrowed funds |
260,321 | 273,317 | 408,304 | |||||||||
Other liabilities |
77,408 | 98,617 | 66,214 | |||||||||
Total liabilities |
4,293,312 | 4,314,238 | 4,063,567 | |||||||||
Commitments and Contingencies |
||||||||||||
Stockholders Equity: |
||||||||||||
Preferred Stock $.01 par value |
| | | |||||||||
Common Stock $.01 par value |
823 | 823 | 823 | |||||||||
Additional paid-in capital |
348,941 | 348,415 | 345,900 | |||||||||
Unearned common stock held by employee stock
ownership plan |
(21,827 | ) | (22,587 | ) | (24,736 | ) | ||||||
Retained earnings (partially restricted) |
303,334 | 304,232 | 320,722 | |||||||||
Accumulated other comprehensive (loss) income, net |
(9,177 | ) | (1,882 | ) | 7,298 | |||||||
Treasury stock, at cost |
(13,454 | ) | (13,454 | ) | (3,596 | ) | ||||||
Total stockholders equity |
608,640 | 615,547 | 646,411 | |||||||||
Total Liabilities and Stockholders Equity |
$ | 4,901,952 | $ | 4,929,785 | $ | 4,709,978 | ||||||
5
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
INTEREST INCOME: |
||||||||||||
Interest and fees on loans |
$ | 35,827 | $ | 36,812 | $ | 36,513 | ||||||
Interest on overnight investments |
102 | 116 | 125 | |||||||||
Interest on trading securities |
26 | 16 | 34 | |||||||||
Interest and dividends on investment securities: |
||||||||||||
Taxable |
9,972 | 10,481 | 12,267 | |||||||||
Tax-exempt |
992 | 1,060 | 1,141 | |||||||||
Total interest income |
46,919 | 48,485 | 50,080 | |||||||||
INTEREST EXPENSE: |
||||||||||||
Interest on deposits: |
||||||||||||
Interest bearing checking accounts |
2,430 | 2,926 | 2,559 | |||||||||
Money market and savings deposits |
2,405 | 2,463 | 2,273 | |||||||||
Time deposits |
3,119 | 3,088 | 4,580 | |||||||||
Total |
7,954 | 8,477 | 9,412 | |||||||||
Interest on borrowed funds |
2,269 | 2,930 | 4,364 | |||||||||
Total interest expense |
10,223 | 11,407 | 13,776 | |||||||||
Net interest income |
36,696 | 37,078 | 36,304 | |||||||||
Provision for loan losses |
10,000 | 8,000 | 4,950 | |||||||||
Net interest income after provision for loan losses |
26,696 | 29,078 | 31,354 | |||||||||
NON-INTEREST INCOME: |
||||||||||||
Insurance and advisory commission and fee income |
2,537 | 1,941 | 3,010 | |||||||||
Service charges and other income |
3,693 | 4,859 | 3,264 | |||||||||
Gain on sale of investment securities available-for-sale |
186 | 16 | 2,003 | |||||||||
Trading securities profits |
81 | 91 | 27 | |||||||||
Total non-interest income |
6,497 | 6,907 | 8,304 | |||||||||
NON-INTEREST EXPENSE: |
||||||||||||
Salaries and employee benefits |
15,009 | 14,733 | 15,633 | |||||||||
Occupancy expense |
3,093 | 2,848 | 3,145 | |||||||||
Depreciation, amortization and maintenance |
2,248 | 2,401 | 2,177 | |||||||||
Marketing expense |
897 | 857 | 1,045 | |||||||||
Intangible amortization expense |
860 | 858 | 883 | |||||||||
FDIC insurance |
1,639 | 1,541 | 1,322 | |||||||||
Restructuring charge |
4,096 | | | |||||||||
Other |
6,361 | 9,836 | 6,280 | |||||||||
Total non-interest expense |
34,203 | 33,074 | 30,485 | |||||||||
(Loss) Income before income taxes |
(1,010 | ) | 2,911 | 9,173 | ||||||||
Income tax (benefit) expense |
(112 | ) | 3,267 | 1,646 | ||||||||
NET (LOSS) INCOME |
$ | (898 | ) | $ | (356 | ) | $ | 7,527 | ||||
(LOSS) EARNINGS PER SHARE Basic and Diluted |
$ | (0.01 | ) | $ | (0.00 | ) | $ | 0.10 | ||||
Average common shares outstanding Basic |
77,006,186 | 77,215,313 | 77,785,046 | |||||||||
Average common shares outstanding Diluted |
77,006,186 | 77,215,313 | 77,915,633 | |||||||||
Actual common shares outstanding |
80,717,553 | 80,717,553 | 81,853,553 |
6
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Selected Consolidated Financial and Other Data of the Company (Unaudited)
(Dollars in thousands)
Selected Consolidated Financial and Other Data of the Company (Unaudited)
(Dollars in thousands)
Three Months Ended | ||||||||||||||||||||||||
March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | |||||||||||||||||||
Description (in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | ||||||||||||||||||
Investment Securities: |
$ | 1,701,557 | 2.61 | % | $ | 1,784,843 | 2.62 | % | $ | 1,570,425 | 3.46 | % | ||||||||||||
Trading Securities |
9,027 | 1.19 | % | 7,324 | 0.85 | % | 10,699 | 1.27 | % | |||||||||||||||
Overnight investments |
162,961 | 0.25 | % | 182,355 | 0.25 | % | 203,892 | 0.25 | % | |||||||||||||||
Stock |
22,766 | 0.08 | % | 25,348 | 0.55 | % | 28,068 | 0.72 | % | |||||||||||||||
Other Investment securities |
1,506,803 | 2.91 | % | 1,569,816 | 2.93 | % | 1,327,766 | 4.02 | % | |||||||||||||||
Loans: |
2,796,336 | 5.16 | % | 2,784,525 | 5.27 | % | 2,788,168 | 5.27 | % | |||||||||||||||
Residential |
704,235 | 4.92 | % | 690,899 | 5.07 | % | 661,789 | 5.41 | % | |||||||||||||||
Commercial Real Estate |
785,784 | 5.08 | % | 780,283 | 5.21 | % | 781,226 | 4.73 | % | |||||||||||||||
Business and Small Business |
527,567 | 5.65 | % | 528,199 | 5.71 | % | 527,381 | 5.69 | % | |||||||||||||||
Personal Loans |
778,750 | 5.11 | % | 785,144 | 5.21 | % | 817,772 | 5.40 | % | |||||||||||||||
Total Interest Earning Assets |
$ | 4,497,893 | 4.19 | % | $ | 4,569,368 | 4.23 | % | $ | 4,358,593 | 4.62 | % | ||||||||||||
Deposits: |
$ | 3,640,149 | 0.89 | % | $ | 3,645,172 | 0.92 | % | $ | 3,315,082 | 1.15 | % | ||||||||||||
Savings |
707,519 | 0.72 | % | 677,377 | 0.73 | % | 555,234 | 0.71 | % | |||||||||||||||
Money Market |
622,845 | 0.75 | % | 620,670 | 0.77 | % | 641,958 | 0.82 | % | |||||||||||||||
Demand |
408,754 | 0.25 | % | 387,606 | 0.26 | % | 350,057 | 0.31 | % | |||||||||||||||
Demand Municipals |
1,025,436 | 0.86 | % | 1,107,952 | 0.96 | % | 858,230 | 1.08 | % | |||||||||||||||
Total Core Deposits |
2,764,554 | 0.71 | % | 2,793,605 | 0.77 | % | 2,405,479 | 0.81 | % | |||||||||||||||
Time Deposits |
875,595 | 1.44 | % | 851,567 | 1.45 | % | 909,603 | 2.04 | % | |||||||||||||||
Borrowings |
267,131 | 3.44 | % | 314,836 | 3.69 | % | 425,150 | 4.16 | % | |||||||||||||||
Total Interest Bearing Liabilities |
$ | 3,907,280 | 1.06 | % | $ | 3,960,008 | 1.14 | % | $ | 3,740,232 | 1.50 | % | ||||||||||||
Non-interest bearing deposits |
281,391 | 282,863 | 249,675 | |||||||||||||||||||||
Net interest margin |
3.27 | % | 3.24 | % | 3.34 | % | ||||||||||||||||||
7
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
ASSET QUALITY INDICATORS:
(Dollars in thousands) | March 31, 2011 | December 31, 2010 | March 31, 2010 | |||||||||
Non-performing assets: |
||||||||||||
Non-accruing loans |
$ | 120,102 | $ | 95,803 | $ | 72,309 | ||||||
Accruing loans past due 90 days or more* |
25,112 | 27,932 | 48,313 | |||||||||
Total non-performing loans** |
$ | 145,214 | $ | 123,735 | 120,622 | |||||||
Troubled debt restructurings |
| | 22,412 | |||||||||
Real estate owned |
16,449 | 16,694 | 8,202 | |||||||||
Total non-performing assets |
$ | 161,663 | $ | 140,429 | $ | 151,236 | ||||||
Non-performing loans to total loans |
5.23 | % | 4.42 | % | 4.33 | % | ||||||
Non-performing loans to total assets |
2.96 | % | 2.51 | % | 2.56 | % | ||||||
Non-performing assets to total assets |
3.30 | % | 2.85 | % | 3.21 | % | ||||||
Non-performing assets less accruing loans Past due 90 days or more to total assets |
2.79 | % | 2.28 | % | 2.19 | % |
* | Includes $25.1 million, $27.9 million and $31.7 million in government guaranteed student loans
as of March 31, 2011, December 31, 2010 and March 31, 2010, respectively. |
|
** | Includes $27.7 million, $26.7 million and $22.4 million of troubled debt restructured loans
(TDRs) as of March 31, 2011 December 31, 2010 and March 31, 2010, respectively |
Impaired loan charge offs and payments as a percentage of the principal balance at March 31,
2011 are as follows:
% of Unpaid | ||||||||||||||||
For the Three Months Ended March 31, | Recorded | Unpaid Principal | Charge-offs and | Principal | ||||||||||||
2011 (Dollars in thousands) | Investment | Balance | Payments | Balance | ||||||||||||
Impaired Loans by Category: |
||||||||||||||||
Commercial Real Estate |
$ | 30,464 | $ | 41,199 | $ | (10,735 | ) | 26.06 | % | |||||||
Commercial Business |
26,843 | 32,393 | (5,550 | ) | 17.13 | % | ||||||||||
Commercial Construction |
45,878 | 67,609 | (21,731 | ) | 32.14 | % | ||||||||||
Residential Real Estate |
15,953 | 16,674 | (721 | ) | 4.32 | % | ||||||||||
Residential Construction |
106 | 205 | (99 | ) | 48.29 | % | ||||||||||
Consumer Personal |
858 | 993 | (135 | ) | 13.60 | % | ||||||||||
Total Impaired Loans |
$ | 120,102 | $ | 159,073 | $ | (38,971 | ) | 24.50 | % | |||||||
Key Performance ratios (annualized) are as follows for the three month periods indicated:
For the Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Return on average assets |
(0.06 | )% | (0.04 | )% | 0.64 | % | ||||||
Return on average equity |
(0.48 | )% | (0.28 | )% | 4.74 | % | ||||||
Net interest margin |
3.27 | % | 3.24 | % | 3.34 | % | ||||||
Efficiency ratio |
78.91 | % | 75.35 | % | 68.16 | % | ||||||
Tangible common equity |
10.10 | % | 10.16 | % | 11.27 | % |
8